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Indicator Free Trading - Skunny

  • #3,821
  • Feb 14, 2008 6:34am Feb 14, 2008 6:34am
Quoting nikkipip4
Now that I have fibbed the 149 area I come up with a hit directly on the 38.2 so that means it may be a retracement? How do I know that for sure? is it just if it keeps going down? Sorry for all the dumb ?? Thank you.
Again... there is no sure!
Thats why I would NEVER trade from a daily chart. My SL would be too big to make sense.
But now you have a basic idea on the general movement and you can drill down in the time frames until you get a swing worth trading.

But as Dagoods said: vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo, vHands, Demo.

And read the thread 3 times if you need
"The only successful substitute for brains is silence."
  • #3,822
  • Feb 14, 2008 6:55am Feb 14, 2008 6:55am
Quoting dagoods
are u close.... uh... yes i would say u r close...like horshoes hangrenade close defineitely yes...if u mean r u close to bagging a moley quail then no...lol


the exercise skunny gave us in the very beginiing of the thread was to fib weekly candles and see what happened when there was a penetration and then break.... someone even put down stats at one point in an early post like x went to 138 and y didnt or something like that... i dont remember exactly... but u r getting the idea..... this is the first step IMO but skunny also warned us not to trade it..and to just do the exercise on vhands..... so maybe u should practice on vhands and then go back and keep reading the trhead and taking the thread in pieces like we all did as it was happening...slow is better sometimes IMO....demo like me for a while.....I beleive skunny said when we demo 90% then we are ready to start trading ..or maybe he said 9 of 10 per week wins ... i forget exactly..... but the point was to practice... and take 1 step at a time... u have only begun to take step 1 based on what u r asking here...on fibbing candles and watching what happens.... I'm not sure if there are any short cuts .... for me 1 step at a time and lots and lots and lots and lot s of vhands.....

hope this helps
Thank you Dagoods for the info. I am starting over because it just wasn't making sense to me. I fibbed the daily bars to break down to at least 1 inner fib and found that they all completed at least for the last 2 months to the 138 or more except for the one on the 8th and going forward. If I wanted to only look at the day chart I wanted to know if I could get in a trade after the break of the 100 and hold for the 138 and know it would eventually get there. In just the 2 months of testing that would have worked. I will go back and do more testing. I am trying to not spend so much time at the computer. Just put my trade in and let er run! Not trying to shortcut for sure just trying to wrap my brain around PA. It (my brain that is) doesn't want to grasp the concept completely. To much indicator training and weekly 4xmadehard classes to get my mind bent back to normal. Thanks again Dagoods and I don't mean to be a bother to anyone or trying to get something for nothing. I haven't posted much as I have nothing to contribute as of yet even tho I study every day. I am determined that that will come!!
Nikki
  • #3,823
  • Feb 14, 2008 7:51am Feb 14, 2008 7:51am
Quoting nikkipip4
I haven't posted much as I have nothing to contribute as of yet even tho I study every day. I am determined that that will come!!
Nikki
Keep going Nikki and it will. I have evolved my own simple fib system, and only lost one demo trade in a week using it. It's a work in progress, but is successful whilst it evolves.

Today I have done my first two live trades, both winners for a total of +34. Not exactly earth-shattering but better than I ever did trying to use indicator-driven systems.

KISS helps enormously. Bear it in mind. Good luck. Have fun.

Cheers

  • #3,824
  • Feb 14, 2008 8:25am Feb 14, 2008 8:25am
Today I have done my first two live trades, both winners for a total of +34. Not exactly earth-shattering but better than I ever did trying to use indicator-driven systems.

KISS helps enormously. Bear it in mind. Good luck. Have fun.

Cheers

[/quote]

Congrats Steve I believe Skunny is all for taking small grabs at the market and that will get us closer to the 100%. Thank you for the kind words. All the best and many pips to you. I feel we are on the right path finally.

Nikki
  • #3,825
  • Feb 14, 2008 10:10am Feb 14, 2008 10:10am
Notice price hit resistance, retraced and slightly penetrated support THEN bounced to take out the upper fib projections.

Price has retraced off the fib projections back to previous support area.
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  • #3,826
  • Feb 14, 2008 10:13am Feb 14, 2008 10:13am
The Daily chart

Price hit upper fib projection and retraced.
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  • #3,827
  • Feb 14, 2008 10:15am Feb 14, 2008 10:15am
The Weekly chart.

Price still between support and resistance.
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  • #3,828
  • Feb 14, 2008 3:14pm Feb 14, 2008 3:14pm
And once again, price finds the fib projections - salmon dots
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  • #3,829
  • Feb 14, 2008 5:18pm Feb 14, 2008 5:18pm
The biggest problem I am having at the moment, is trusting my own method.

The second of the trades I described earlier was an eu buy that ended up netting +8.

The price had hung around going nowhere much for hours. Shortly before the US trade balance news, it finally rose to within a couple of pips of my Target 1 tp, then fell back.

I had set a 15 pip ts so, spooked by the impending news, I left the +8 stop in place. This was hit and the trade closed. The market dropped quite a lot and then recovered; within a couple of hours, it had hit my original tp.

I suppose I keep on waiting for the bubble to burst as it has so many times in the past. I am still at the stage of thinking, "Wow. Another hitting the tp" and feeling awe-inspired that it has happened yet again. Perhaps I will stop being surprised eventually, but not yet.


  • #3,830
  • Feb 14, 2008 8:33pm Feb 14, 2008 8:33pm
Im not quite sure what Im doing wrong but I seem to be see'ing alot of failed fibs on my chart (very possibly my own fault). Damn it would be great if skunny came back, is nobody worried about him yet? Strange.

LoLo
  • #3,831
  • Feb 14, 2008 9:47pm Feb 14, 2008 9:47pm
Quoting forexnovice
GLT !
thanks FN, I got it.
ppm
  • #3,832
  • Feb 14, 2008 10:51pm Feb 14, 2008 10:51pm
Just a short continuation of my S/R Fibs chart from yesterday...
Beautiful how the price went to the upper S/R line, drawn some weeks ago, came back to the start from yesterday.
So now either it goes back up to the upper line or down to the lower one.
And I haven't changed anything on this chart...just added the next fib!
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"The only successful substitute for brains is silence."
  • #3,833
  • Edited Feb 15, 2008 11:37am Feb 14, 2008 11:00pm | Edited Feb 15, 2008 11:37am
Well
I will be in Egypt n Monday (probably no internet for 1-3 months). So... was a nice journey bringing me to where I am now.... nearly no losing trades anymore... and this with no indicators

Thanks to Skunny and Bo... and everybody who helped me understand this hardest market on the planet which is Forex.

Cya in Izzys thread for some nice pips and in Skunnys forum as soon as I have a constant Internet connection again!

"The only successful substitute for brains is silence."
  • #3,834
  • Feb 15, 2008 1:02am Feb 15, 2008 1:02am
Quoting DXTrade
...................I will be in Egypt n Monday (probably no internet for 1-3 months). So... was a nice journey bringing me to where I am now.... nearly no losing trades anymore... and this with no indicators
.............................
DX - thanks for all of your diligent work - you will be missed - until we hear from you again - be safe
  • #3,835
  • Feb 15, 2008 1:08am Feb 15, 2008 1:08am
Quoting DXTrade
Well
since Skunny has opened his own forum... this one is abandoned, will most probably die. Until 2 days ago I had to read 4-6 pages after starting my Browser in the morning... now it's 2-3 posts!

Anyway guys... I will be in Egypt n Monday (probably no internet for 1-3 months). So... was a nice journey bringing me to where I am now.... nearly no losing trades anymore... and this with no indicators

Thanks to Skunny and Bo... and everybody who helped me understand this hardest market on the planet which is Forex.

Cya in Izzys thread for some nice pips and in Skunnys forum as soon as I have a constant Internet connection again!

\

Good bye my friend I was following your posts and uploads and thank you for your contribution to this thread.
  • #3,836
  • Feb 15, 2008 3:23am Feb 15, 2008 3:23am
This thread now belongs to Sbrickman and those wacky dot filled charts
  • #3,837
  • Feb 15, 2008 3:27am Feb 15, 2008 3:27am
Quoting 24HourTrader
This thread now belongs to Sbrickman and those wacky dot filled charts
its all about the salmon dots!!!! this is the real key!!!!!


just kidding SB i am glad u found a way to make skunny teachings your own....
  • #3,838
  • Feb 15, 2008 3:41am Feb 15, 2008 3:41am
Quoting DXTrade
Well
since Skunny has opened his own forum... this one is abandoned, will most probably die. Until 2 days ago I had to read 4-6 pages after starting my Browser in the morning... now it's 2-3 posts!

Anyway guys... I will be in Egypt n Monday (probably no internet for 1-3 months). So... was a nice journey bringing me to where I am now.... nearly no losing trades anymore... and this with no indicators

Thanks to Skunny and Bo... and everybody who helped me understand this hardest market on the planet which is Forex.

Cya in Izzys thread for some nice pips and in Skunnys forum as soon as I have a constant Internet connection again!

Cheers DXTrade. Thanks for all your help. Can you post a link to Skunny's new forum, please?

Good luck in Egypt.

  • #3,839
  • Feb 15, 2008 5:00am Feb 15, 2008 5:00am
Still the same S/R lines drawn still the same fib... and T1 hit for some 60 pips
So these are 2 static fibs which you can trade nearly every day..

Maybe I'm on to something here
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"The only successful substitute for brains is silence."
  • #3,840
  • Feb 15, 2008 8:42am Feb 15, 2008 8:42am
Quoting dagoods


its all about the salmon dots!!!! this is the real key!!!!!


just kidding SB i am glad u found a way to make skunny teachings your own....
Yeah, LOL! Had I left those yellow circles, this never would have worked. Changing to salmon dots made all the difference...LMAO!

All I do is plot fib projections off support and resistance. I believe that's what Skunny showed. It seems to work.

Look at price hitting 108.30 and stalling. Look to the left - there's a salmon dot.

Now, price falls. Where does it land? In between the 107.37 and 107.22 fib projections ( salmon dots ). And price then heads back up.

Where is Skunny's new forum?
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